Tether backs Stablecoin Development Corporation's $134M placement

Tether has announced its support for the Stablecoin Development Corporation's (SDEV) $134 million private placement, which occurred in January. SDEV is a publicly traded entity focused on providing investors with structured exposure to the stablecoin market. The company holds a significant treasury of SKY tokens, the governance token for the Sky Protocol, and utilizes its USDS stablecoin, which is the largest fully on-chain stablecoin. SDEV aims to explore practical applications of stablecoins and DeFi, seeking to lower barriers to user adoption in the sector.